Biden, McCarthy had a 'productive' call on debt issue

STORY: McCarthy, speaking to reporters at the U.S. Capitol following the call, said there were positive discussions on solving the crisis.

A White House official confirmed Monday's meeting but offered no specific time. Staff members from both sides will reconvene for talks at 6 p.m. (1800 GMT) on Sunday.

Biden, before leaving Japan following the G7 summit earlier on Sunday, said he would be willing to cut spending together with tax adjustments to reach a deal but the latest offer from Republicans ceiling was "unacceptable."

Less than two weeks remain until June 1, when the Treasury Department has warned that the federal government could be unable to pay all its debts, a deadline U.S. Treasury Secretary Janet Yellen reaffirmed on Sunday. A failure to lift the debt ceiling by that date would trigger a default that would cause chaos in financial markets and spike interest rates.